The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1887-11-24
WHAT The REGENTS SAY.
A Statement From the President
of the Board on University
Matters.
The Financial Con d1tion OF the
University Shown, and Its
Needs Portrayed in Wig
orous Language.

NCONAo l. Vi u Cb IL
orous Language.
The following is the report of the
board of reg ents of the University, which
was submitted to the board of education,
along with the annual report of the
faculty:
UNIVERSITY OF TEXAS,
AUSTIN, Texas, November 6, 1887.
To His Excelency, L. S. Ross, Governor of Texas.
The report of the faculty for the year
ending June 10, 1887, is herewith sub
mitted (Appendix] as part of the an
nual report of the regents of the Univer-
sity of Texas to the board of education.
This report of the faculty contains most
of the information called for by section
q of the act to establish the University,
approved March 30, 1888.
The regents beg leave to emphasize
most respectfully what is said in the fac
ulty's report in regard to the necessity of
establishing additional chairs in the
academical department. When the Univer
sity was organized four years ago, it was
confidently expected that, in compare
lively short time, instructors in addition
to those already employed would be Sc
cured. As matter of fact, wide pub
licity was given to this expectation in the
first announcement sent out by the board
of regents. 1t was believed that in a
much less time than four years pro-
fessor of geology, of zoology, and of as
trOnomy could be employed, and that in
struction by specialists in these i'm
pOrtant branches of human learning
could be provided. 1t was also hoped
that within that time the chairs of
English and history, and of Latin and
Greek, could be divided, and that, in
stead of two instructors, four could be
employed to teach these subjects.
In addition to these not unreasonable
expectations it was thought that the
building could be finished and fully
equipped with such additional apparatus
as a university of the first class required
that mess halls could be erected to secure
cheap board to young men of limited
means; and that at least start be made
towards the. organization of the medical
department at Galveston.
That these expectations were not ex-
travagant is shown by the fact that four
years ago the University had, in additio L
to it's endowment in bonds and land notes
over 100000 acres of unsold and IN
leased lands and claim against the state
of nearly 100000 of money borrowed
from the University fund. 1t was
reasonable to expect that the state woulC
pay this money back, and that an income
would be derived from the Unbiased lands
Had the borrowed money been returned
the University building could have beer
enlarged by the erection of at least the
central traverse contemplated by the
original plan; and had only half the land:
been leased the additional professors
might have been secured and provision
made for establishing and maintaining
the branches cOntem plated by the con-
stitution of the state.
But the money borrowed from the
University fund to pay the per diem of
mem bers of the legislature has never been
refunded, and the magnificent landed en-
dowment, given over ten years ago with
the express intention of placing the in
stitution beyond the contingencies of any
hostile action, yields no revenue except
to the free grass cattlemen of Tom
Green, Pecos, Crockett and Ell Paso coun-
ties. As consequence the University
building is unfinished, although there is
not room in which the students now in
attendance can be assembled; and the ad
ditional chairs have not been filed, al
though the branches of study they repre-
sent are essential to liberal education.
The impossibility of expanding the
University in any direction is shown by
the above facts. But this is not all. The
present prospect is that the regents will
| nnf Ha obi 20 toll ha oai
already secured. There are good grounds
for the gravest apprehensions in regard
to the present income. Some of these
grounds were set forth in the regents re-
port to his excellency, Governor Ireland
dated December Is, 1886. Under the
head of the present endowment this re-
port reads: "The present endowment of
the University consists of bonds, land
notes and lands" As it is important, with
a view to intelligent legislation, to have a
full statement of the present condition of
this endowment, attention is respectfully
called to the following statement, which
is believed to be not only correct but ex
haustive:
A. BONDS.
| The state holds in trust for the Univer-
sity, as per statement of comptroller, ex-
hibit E, the following bonds:
Four per cent. state bonds ............S GO 90
Five per cent. state bonde. .......... IA Sg1 60
Six per cent state bonds. .............. 1900 90
Seven per cent state bonds. ........... 100000 co
Total state bonds ...................S52 1923 81 60
The interests on these bonds amounts,
as per statement of the com ptroller, ex-
hibit E, to $31,949.3S.
These bonds are all state bonds. and
will fall due, as per report of comptroller
for years 1S83-S4, as follows:
-Four per cent. bonds, act 1879, due
April a. l'gy. Observation-Disclosures. go 90
Five per ent. bonds, act 1879, due April
81, 1909. 1851 So
2, 1S9l...:.,....;......... -, 1900 90
.................,... $4,000 90
Seven per cent. bonds, act 1870, due An.
gust 3, 1910. 5000 90
Seven per cent. bonds, act 1871, due Dec
ember ., 1s9l.............. l75,OOO 90
From the above statement it will be
seen that $1,000 now in six per cent
bonds, and $175,OOO0O now in seven per
cent. bonds, will, in 1891, need to be rein
vested. The reinvestment by constitu-
tional provision can be only in bonds of
the state of Texas, "if the same can
be obtained; if not, then i n
United States bonds" Whether this